The Normal Retirement Date for the vast majority of members (the default date when we expect members to start taking their pension) is their 65th birthday.
However, you can request to take your benefits any time from the age of 55 (although this is due to increase to age 57 in 2028 in line with Government changes). Your pension would normally be reduced if you take it early to reflect the fact that it’s likely to be paid for longer.
If you’re still employed by Raytheon Systems Limited, you’ll need to ask your employer and the Trustees (where appropriate) if you want to start taking your benefits while you carry on working.
You must start taking your pension before the age of 75.
On retirement, you may be able to exchange part of your pension for a tax-free cash sum of up to approximately 25% of the value of your pension (up to a limit of £268,275).
You may also choose to give up part of your pension in exchange for extra dependant’s pension to be paid after you die.
Your pension is likely to be increased each year after you’ve retired to help it keep up with inflation. Different increases may be applied to different parts of your pension.